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Swiss bank sets up rep office in MumbaiMonday 26, June, 2006 Zurcher Kantonalbank, a cantonment bank from Switzerland, is looking to offer wholesale banking for Swiss exporters who have business in India.The bank has inaugurated its representative office in Mumbai. According to Mr Hans Voegeli, Chief Executive Officer, Zurcher Kantonalbank, the bank will offer trade finance and letters of credit to Swiss exporters. The bank is looking at volumes of about 300 million-500 million Swiss franc in one year through wholesale business. It has no immediate plans of starting retail business in India. "The retail business market is heavily fragmented," Mr Voegeli said. Also, being a state owned bank, regulations require that a majority of the business should be with Swiss companies, he said. |
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